Vinashinlines applies for bankruptcy protection

Hanoi: Vinashin Ocean Shipping Company (Vinashinlines) has filed a petition with the Hanoi People’s Court for permission to file for bankruptcy. Vinashinlines, which was transferred from struggling state shipbuilder to shipping line Vinalines last year, has been selling many of its ancient ships to raise cash to pay back debts, but now wants the government to order its creditors — the state-run Bank for Investment and Development of Vietnam and four other local banks — to freeze debt and interest repayments for two years.

Six weeks ago the Ministry of Transport ordered Vinalines to bankrupt Vinashinlines as well as another shipping firm, Falcon. [03/04/14]